Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Nigeria to host global remittance summit

26 August 2015, 13:06

Lagos - Nigeria's the continent’s largest remittance nation, will in November host the RemitAfrica Conference to discuss trends in the sector.

Hosted by MobileMoneyAfrica, the event will see the gathering of remittance providers and stakeholders such as money transfer operators, financial services providers, financial technology providers, vendors, agent network operators, mobile financial services providers, regulators and stakeholders from the supply and demand side of the remittance industry.

RemitAfrica 2015 comes on the back of realization the formal market for international and cross border money transfer to Africa is still young and faces typical emerging markets challenges when compared to more established markets.

A competitive market space is required to foster technology innovation, access and drive the expansion necessary to reduce cost and reach undeserved areas.

Also read:Buhari leaves for G7 summit

According to a recent report by the World Bank, the growth of remittances to Sub-Saharan Africa is projected to slow to 0.9 percent in 2015, amounting to $33 billion.

Globally, it is expected to reach $586 billion in 2015, though at a slower growth rate of 0,4 percent due to economic conditions and is expected to accelerate again to reach an estimated $636 billion in 2017.

Africa has made great strides in mobile technology adoption and penetration; however, despite the pervasive coverage of such mobile networks across Africa, technological innovation has yet to drive down costs in remittance markets.

The barriers to cost-reduction, challenges and opportunities in the African remittance market, improving efficiency at the last mile, the role of non- bank financial institutions and the emergence of digital remittances such as mobile money, online transfers and crypto-currencies in lowering remittance cost for Africans are some of the subject matter areas to be considered at the conference scheduled for the Lagos Oriental hotel.

First round of speakers from leading providers have been confirmed for the event scheduled for November 4-5.

- CAJ News


Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...